Cairo – Mubasher: Cairo Oils and Soap said it used EGP 85 million of the proceeds of its capital increase in order to pay bank loans.

The company’s capital hike proceeds amounted to EGP 120 million.

The firm pointed out that the remaining amount will be used to cover the dues owed to the suppliers that worth EGP 20 million as well as to complete the company’s projects and expansion plans that amount to EGP 15 million.

The company saw net profits of EGP 92.7 million during the nine month period ended 31 March 2016.